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Morning Gold & Silver Market Report – 6/8/2011

BERNANKE’S SPEECH DRIVES MARKETS LOWER -The U.S. stock market appeared set to end its five-day losing streak yesterday, as it climbed as high as 90 points.  However, as Federal Reserve Chairman Ben Bernanke’s afternoon speech approached, it began to give back gains.  The speech began 15 minutes before market close and by close, the market was down 19 points. Mr. Bernanke referred to a frustratingly slow recovery, that warrants sustained monetary stimulus. He still views recent negative economic data as transitory and is looking for a better second half for 2011. We should expect monetary policy to stay on course, which would mean no QE3, although Mr. Bernanke continued to reiterate that he will take whatever actions necessary to keep inflation controlled. He also cautioned Congress that too many budget cuts too quickly could hamper the economic recovery.

Oil futures are falling this morning in anticipation that OPEC will raise output quotas for its member nations. OPEC members began their meeting today in Vienna, and although there appears to be dissension on whether or not to increase output, Saudi Arabia is still the major player and they have already announced that they are stepping up production even without an official decision. In this light, analysts are now anticipating an increase in oil production from OPEC nations, which should pressure oil prices lower.

President Obama is pledging help for the Greek crisis. On Tuesday, President Obama urged all stakeholders in the Greek debt crisis to prevent what could be a disastrous default by Greece. President Obama met with German Chancellor Angela Merkel on Tuesday and stressed the importance of Germany taking leadership on this issue. Chancellor Merkel is facing political pressure on the home front to quit being the savior for other financially struggling European economies. It is believed the next bailout package would be 80 -100 billion Euros over the next three years.

At 8AM (CT) the APMEX precious metal prices were:

  • Gold price - $1,537.40 (down $7.10)
  • Silver price - $36.43 (down 70 cents)
  • Platinum price - $1,824.30 (down $7.40)
  • Palladium price - $802.00 (down $9.50)

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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